Adidas’ Into The Metaverse non-fungible tokens can be burned to join the new dynamic NFT ecosystem.
With the release of the ALTS by Adidas line, sneaker and lifestyle brand Adidas has added to its Into The metaverse non-fungible token (NFT) ecosystem.
Adidas’s Into The Metaverse collection came out for the first time in December 2021. Those who bought NFTs were promised that they would have “exclusive access to collaborative merchandise and virtual land experiences throughout 2022.”
Its first Web3 exploration, a collaboration with NFT influencer gmoney, PUNKS Comic, and Bored Ape Yacht Club, let holders burn their NFTs to get a new ERC-1155 token from the next phase of the project and claim real clothing items.
Paying only gas fees, holders of NFTs from the first two segments of the Into The Metaverse collection can now burn their NFTs to receive a new NFT from the Ethereum-based ALTS by Adidas collection.
The next phase of Adidas’s Web3 journey involves a dynamic NFT with eight unique “ALT egos” that correspond to distinct rarity characteristics and interactive storylines.
Adidas has announced the launch of a new collection that will provide a range of benefits to its holders. These benefits include a stake in the ALTS by Adidas ecosystem, commercial intellectual property (IP) rights to their character, exclusive virtual wearables, access to holder-only community gatherings, and token-gated Discord channels.
At the time of publication, the Into The Metaverse collection has a floor price of 0.57 ETH (approximately $1,000) and a trading volume of 48,771 ETH (approximately $93.4 million) since its debut.
The ALTS by Adidas collection has a minimum price of 0.59 ETH (approximately $1,100) and a trading volume of 320 ETH (approximately $613,000) to date.
Adidas has kept bringing its sporty style to Web3 through digital clothing collections and a virtual styling tool for current profile picture (PFP) NFTs.
It has also put out a number of NFT collections, such as the sports-themed Blue Pass, the Raws x Adidas art collection, and a council badge for the 15 people chosen to help the company with its Web3 growth.
Content Source: coindesk.com